US Imports:
January phosphate rock imports firmed 19.6% from January 2022, to 289,987 st from 242,505 st. Imports lifted 7.6% st for July-January, to 1.89 million st from the year-ago 1.76 million st.
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NPK/Specialty
Poland:
Grupa Azoty said its output of “multi-nutrient” and specialty fertilizers fell by 49% in February, to 64,000 mt from the year-ago 126,000 mt.
Phosphoric Acid
US Exports:
Wet-process phosphoric acid exports were up 12.9% in July-January, to 198,498 st from the year-ago 175,789 st. January exports were clocked at 10,224 st, however, down 72.0% from 36,534 st logged one year earlier.
Eastern Cornbelt:
March phos acid postings in the Eastern Cornbelt were unchanged at $14.00/unit rail-DEL.
Western Cornbelt:
Phos acid was steady at $14.00/unit rail-DEL in the Western Cornbelt for March tons.
Southern Plains:
Phos acid pricing remained at $14.00/unit rail-DEL in the Southern Plains for March tons.
India:
Contracts for phos acid delivered to India were reported at $1,050/mt P2O5 CFR for the first quarter, a $50-$150/mt P2O5 decrease from $1,100-$1,200/mt P2O5 CFR in 4Q 2022.
Ammonium Polyphosphate
Eastern Cornbelt:
The 10-34-0 market was steady at $675-$700/st FOB in the Eastern Cornbelt, with the low out of river terminals and the upper end at inland warehouses.
Western Cornbelt:
10-34-0 was quoted at $655-$675/st FOB in the Western Cornbelt, with the low in Nebraska and the high in Iowa.
Southern Plains:
10-34-0 was pegged in a wide range at $610-$670/st FOB in the Southern Plains, with the low in Kansas and the upper end reported in eastern Texas. The 11-37-0 market ranged from $730-$770/st FOB, with the low in western Texas and the high at Houston.
Muriate of Potash
US Gulf:
NOLA barge prices continued to weaken and were called $360-$370/st FOB, down from $360-$375/st FOB.
US Imports:
Potash imports fell 16.4% for July-January, to 6.60 million st from 7.90 million st in the prior-year period. Imports moved 2.5% higher in January, however, to 1.02 million st from the year-ago 996,724 st.
July-January imports from Canada stood at 5.67 million st, ahead of Russia’s 627,512 st. Israel sent 250,511 st. The Census Bureau recently announced revised potash import numbers for the August 2021-August 2022 period.
US Exports:
Potash exports firmed 21.4% in January, to 309,338 st from the prior-year 254,730 st. Exports were counted at 1.94 million st for July-January, however, 21.1% below the year-ago 2.45 million st.
Eastern Cornbelt:
Potash was unchanged at $425-$430/st Cincinnati and $430/st FOB Ottawa, with inland warehouse pricing reported in the $440-$460/st FOB range.
Western Cornbelt:
Potash terminal prices were pegged in a broad range at $415-$465/st FOB in the Western Cornbelt, with the St. Louis market slipping to $415-$425/st FOB for the latest offers, down $5/st from the previous week.
Southern Plains:
The potash market slipped to $415-$440/st FOB in the Southern Plains, down from the prior $430-$445/st FOB range, with the low reported at Houston and the high at Catoosa/Inola. The last potash postings from Intrepid FOB Carlsbad, N.M., included $515/st for 60% white granular and $525/st for 62% white standard.
South Central:
Potash was pegged at $435-$455/st FOB in the South Central region, with most Arkansas terminals reported at the $440/st FOB level.
Southeast:
The potash market was unchanged at $440-$450/st FOB Wilmington, with rail-DEL pricing in the Southeast pegged in the $470-$490/st range.
India:
Despite ongoing speculation that an agreement is imminent, a new potash supply contract to India remained unsettled on March 16.
Scotiabank analyst Ben Isaacson estimated an India contract price of $445-$460/mt CFR, Bloomberg reported on March 13. The assessment was based on the estimated $445/mt midpoint of the implied Chinese contract, itself derived from spot market data from Southeast Asia, the Russian/Chinese border, and the domestic China price. Other market watchers have suggested the new Indian contract supply settlement could be agreed up to $480/mt CFR.
India settled the 2022 annual supply contract at $590/mt CFR with 180 days credit.
Brazil:
Prices for potash widened as aggressive buyers pushed the lower end of the range to $440-$470/mt CFR. Russian product was said to account for the new, lower pricing. Traders believe a potash price floor is rapidly approaching.
The Rondonopolis price tightened to $570-$585/mt FOB ex-warehouse. Sources said the lower price appeared to be attached to material from Belarus.
Sulfur
Tampa:
With prices in the US Gulf and Brazil reported holding largely steady in recent weeks, some players voiced speculation that an updated Tampa molten sulfur contract – if settled today – could roll over or firm slightly from the first-quarter’s $130/lt CFR level. Recent softening from international markets such as China could change that calculus, however, should the trend continue into April.
Refinery capacity utilization pressed higher for the week, the Energy Information Administration (EIA) reported. Refiners operated at a combined 88.2% of nationwide capacity for the period ending March 10, up 2.2 percentage points from 86.0% posted one week earlier. The rate lagged the year-ago 90.4% while topping the 85.7% five-year average. Gulf Coast refiners were “getting closer” to 90% utilization for the week, the EIA said, rising from 89.1% one week earlier.
Daily crude inputs firmed to an average 15.398 million barrels/d during the period, a 431,000 barrel/d increase from 14.967 million barrels/d reported previously.
US Imports:
Sulfur imports softened 18.8% in July-January, to 1.61 million st from the prior-year 1.98 million st. Imports were down 43.7% in January, to 188,424 st from the year-ago 334,411 st.
US Exports:
January sulfur exports moved 289.0% higher year-over-year, rising to 192,828 st from 49,570 st. July-January exports firmed 44.8%, to 1.27 million st from 878,317 st in the prior July-January.
US Gulf:
Genscape reported the March 14 restart of a sulfur recovery unit at Valero’s refinery in Houston, Texas. The unit had been offline since Feb. 5.
Recent US Gulf pricing was reported in a $125-$130/mt FOB range, above $120-$125/mt FOB for the prior week.
Brazil:
Players continued to describe the Brazil spot sulfur market in a wide $135-$160/mt CFR range. Tons sourced from Russia were said to trade at the low of the range.
First-quarter contracts were understood to range $172-$186/mt CFR. Minimal tonnage was reportedly acquired under contract pricing during the quarter.
Vancouver:
With China pricing on the decline, players expected Vancouver to soften in the next round of business. For the moment, however, concluded prices remained unchanged from the last-reported $120-$125/mt FOB.
Alberta:
Netbacks to sulfur suppliers in Alberta were indicated at $15-$60/mt FOB, unmoved from one week earlier. The range included prilled tons exported through Vancouver, as well as molten sulfur contracted into the US market.
West Coast:
West Coast prills were indicated at $120-$125/mt FOB, unchanged from the previous report.
Sources put molten contracts at $125-$135/lt FOB for the first quarter, above $75-$79/lt FOB in the previous quarter.
China:
Sources noted softening in the China spot import market, with prices reportedly falling into the $140s/mt CFR, off from $150-$158/mt CFR at last check.
ADNOC:
Abu Dhabi National Oil Co. (ADNOC) prills firmed to $134/mt FOB Ruwais for loading in March, sources said, a $7/mt increase from $127/mt FOB in February.
Qatar:
March-loaded tons were posted at $133/mt FOB Ras Laffan, sources said. Qatar pricing was reported at $124/mt FOB in February, a $9/mt difference.
Sulfuric Acid
US Gulf:
Gulf import vessel price ideas were last noted in an $80-$90/mt CFR range, unmoved from the prior report.
US Imports:
July-January sulfuric acid imports softened 1.3% year-over-year, to 2.04 million st from 2.06 million st. January imports moved up 2.5%, however, to 301,400 st from the year-ago 294,065 st.
US Exports:
Exports were up 2,008.0% in January, to 244,634 st from 11,605 st in January 2022. July-January exports firmed 292.6%, to 777,693 st from the year-ago 198,081 st.
Brazil:
With nothing new reported, price ideas for Brazil spot continued in a wide $75-$100/mt CFR range.
Ammonium Thiosulfate
Eastern Cornbelt:
The ammonium thiosulfate market was quoted at $375-$380/st FOB in the Eastern Cornbelt, with the low confirmed for 2Q offers at Seneca and the high for prompt Cincinnati tons.
Western Cornbelt:
The ammonium thiosulfate market remained at $375-$400/st FOB in the Western Cornbelt.
Southern Plains:
The last ammonium thiosulfate offers remained at $300/st FOB Houston and Lubbock, Texas.
South Central:
Ammonium thiosulfate remained at $350-$355/st FOB Memphis at mid-month.
NPSZ
Cornbelt:
The NPSZ market remained at $655-$695/st FOB in the Cornbelt, depending on location.
Sulfate of Potash
US Imports:
January SOP imports softened 75.3%, to 3,707 st from the year-ago 15,010 st. July-January totals stood at 55,203 st, off 47.4% from 104,942 st.
US Exports:
January SOP exports moved 77.7% lower, to 2,769 st from 12,412 st in January 2022. July-January totals were off 26.9%, to 30,020 st from 41,091 st noted one year earlier.
Southeast:
SOP dropped slightly to $770-$800/st FOB in the Southeast, with the high in Florida and the low confirmed at Wilmington, reflecting a drop of $10/st at Wilmington.